tv Varney Company FOX Business September 17, 2012 9:20am-11:00am EDT
for a second week, violent anti-american demonstrations continue and the obama team is scrambling. sudan say that marines may not the guard our embassy there. a demonstrators killed and four soldiers died shot by afghan police, the administration says the video did it. another officials says-- and in chicago they're thinking over a pay raise and they're still on strike. and mayor rahm emanuel goes to court. the occupy demonstrators are back, seven weeks to the election, and president obama's anti-wall street try to make a come back and apple right at 700 a share. announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade.
gold. look at that this monday morning and oil just under $100 a barrel and now, in terms of gold, where are we for gold this morning and still at that 1700 a barrel and we're up just a little bit more this morning. and violent anti-american pro protests continuing and in afghanistan, thousands of demonstrators in the tree, shouting death to america in jalalabad. in pakistan, one protester shot and killed after attacking a government officer in the northwestern country. and sudanese rejected marines to protect the embassy there. and the president says last week's attack that killed a u.s. ambassador was a coordinated attack, the obama administration maintains it's spontaneous incident sparked by an anti-islam film. just listen to this. >> the fbi is-- has a lead in this investigation. the information, the best
information ap assessment we have today is that in fact, this was not a pre-planned, pre-meditated attack, that what happened initially was -- it was a spontaneous reaction to what had just transpired in cairo, as a consequence of the video. stuart: so she says the video did it, but according to senator john mccain that is not the case. >> it's disengagement prior to 9/11 we had a policy of containment. then, after 9/11 it was confrontation, with the terrorists and al qaeda. now, it's disengagement. every time you just saw the spokesperson, we're leaving iraq, we're leaving afghanistan, we're leaving the area. the people in the area are having to adjust and they believe the united states is weak. stuart: coming up, the top of the hour, ten o'clock, kt mcfarland on the policy disarray, can we say that the president's approach to islam is working, yes or no. top of the hour.
lt. colonel oliver north will be here, says no, you cannot bring in the marines. two big companies and we're following them on the opening bell. general motors wants the government to sell its stake, but the reports suggest that the government wants to keep in control. apple could we see another all-time high? we're really, really close to 700 a share. we'll check it in just a couple of minutes.
>> take a close look at your screen. and would you like this, a new graphic? graphics occupy less of the screen and i can appear more on the screen. i happen to adore the graphics. [laughter] >> the judge likes them too, and you can see more of him. television, what an awful beast it is. and the bell has running and trading slightly to the down side. we were expect ago modest loss at the opening bell, not much, maybe 20, 30 points and that's what we've got. down 15 in the early going, now, first to nicole, let's get to apple, shall we? look at this. iphone five, it's a record breaker and it lost more than 2 million pre-orders in the first 24 hours on which it was on.
so, 700, almost. >> 699.50 and look where it is, a record 698.10 and the in the pre-market. 699.50 and see if it gets to the 700 mark. every moment it ticks higher, they are he' expecting 30 million iphones by september and all the iphones put together and of course the iphone 5 is a record breaker and the fastest selling iphone ever. stuart: we're going to put a bug on the screen apparently on the bottom left of screen as you look at the screen and that's apple, moment to moment and we'll sound the trumpets or do a declaration when we hit 700-- if we hit 700. >> i like it. stuart: thank you, nicole. straight to the november election, new numbers from the rasmussen tracking poll show mitt romney gets 47, the president 45.
and scott rasmussen from rasmussen reports joins us now. and this runs counter to all of the other polls that i have seen. they say that the president has maybe a 2 or 3 point lead. you say it's romney. is that because you have a poll that tracks likely voters and most others have registered voters? >> well, gallup right now is doing registered voters and they as of yesterday showed the president up by 3 points and, yes, if they shifted to likely voters the numbers would be about the same as ours. and also, a large number of likely voters polls conducted as week right after the democratic convention, that show the president up 3 to 5 points and we showed the president up 5 right after the convention. he had a nice bounce, but the bounce is gone. stuart: how can you explain? there's a difference in the polls here, you versus most other people? how do you explain? >> i think, look, i think, if these other firms poll during that week, their numbers will show the bounce has ended as
well. and it's just really a timing matter and this happens a lot. if you poll right after a big event, something changes and then you give it a week and things shift back to normal. stuart: scott, just out. this monday morning, seconds ago, you show mitt romney two points ahead. this poll was taken after the mideast developments unfolded so the mideast is fully in this poll, correct? >> that is correct, at least mideast developments to date are polling in this pollment and right now, 48% of voters trust obama more than romney. 45% trust romney more, in terms of handling the middle east and unaffiliated voters lien in romney's direction, a pretty even split. >> you were mentioning the democratic convention moments ago, you've got a poll of romney versus obama in north carolina after the convention, in the state itself. look at that, mitt romney is way out front. >> that's right, well, six points is a comfortable lead,
but it's not way out front. north carolina is a state that i don't think is it going to be on the president's list as we go into the fiennal weeks of the campaign. it's a state he barely won. and bigger places like ohio, virginia and florida, romney absolutely has to winnowo and florida, and right now, we've got the president up by a point or so in each of those states. stuart: but the news this morning is that your national tracking poll shows mitt romney two points ahead and that's just breaking as we speak, while most other polls show it the other way around. very interesting. scott. we're glad you can join us this morning, thank you, sir. >> thanks, stuart. stuart: let's get back to nicole, our partners at the wall street journal says that general motors wants the treasury to sell its remaining stake. but the treasury standing back. ♪ >> i hear a trumpet.
i don't know why. >> you can see that gm is down 1 1/4% and very interesting, the u.s. treasure is now not willing to sell the stakes that we have to general motors because they made a huge investment and the u.s. treasury, the government, you, me, all of our friends watching would actually take a loss if they were to sell at this price so they're saying they're not interested in gm's offer to sell at the current price. the treasury holds about 26 1/2% and don't forget the numbers, $53, that's where we would need to be on general motors in order to break even. stuart: you know, as we went to you, i heard the trumpet sound. i am told that that is part of the new graphics look. producer, is that correct? they play trumpets not just for-- it's not just for me. oh, it's just for me. oh, i thought it was off to the races or something. [laughter] >> very breaking news, they're going to have drums at different points, harps, we're going to have a multitude.
i'm kidding, but with the new look, you noticed the new look and it's wider and see more of the traders, too. >> and it's the trumpets for me, and nicole back shortly. dow down 14. the chicago teachers strike entered the week. and teachers will mull over as usual over the weekend. rahm emanuel is seeking a court injunction, trying to force them to go back to work. a quote from the mayor, i will not stand by while the children of chicago are played as pawns with an internal dispute with the union and there is no reason why the children of chicago should not be back in the the classroom as they have been while negotiations worked through the issues, those same issues, got that. meantime, in the state next door, that would be wisconsin, the attorney general wants to keep enforcing governor walker's restrictions on collective bargaining to state employees. friday, a state judge decided to strike down that law.
all rise, judge andrew napolitano is here, and looks to me to be activism and an activist judge overrules the will of the people. what do you say. >>? well, you have a judge appointed by governor walker's predecessor, who is openly and notoriously a liberal democrat that found the statute unconstitutional. under the wisconsin constitution and under the the federal constitution. whatever the preconceived value set of that judge are, it's a legitimate opinion that's within acceptable range. >> it is. >> it could have gone either way. i'll tell you why, there are some weird-- >> do you always side with the judge who gives you that opinion? you do? >> i'll make you a deal there. it's the case that comes before me and if i were a judge in that state i would have found is constitutional. because to me, it is the ability of a state to manage its resources. it doesn't affect human freeman. what this judge did was find that the right to collectively
bargain is a right, a natural right, that belongs to every human being. if that is so, the government can't take it away. but it's never been so, it's not a right, it's a-- it's a negotiated for instrument by way of a contract. and on the other side of that contract doesn't want to negotiate with you, you don't get it. >> i don't see collective bargaining in the bill of rights, and which page of the constitution does collective bargaining appear. >> certainly not in the magna carta. stuart: stop it, that's no fair. >> here is the odd, freaky thing here, this anti-collective bargaining statute excepts police and fire and that's a serious problem because the wisconsin constitution and the federal constitution require equal protection. similarly situated people must be treated in a similar way. the federal judge that struck part of this down it's going tore argued in the appellate
court and the wisconsin judge says how can you give collective bargaining to the police and fire, but not to the teachers? you have to give it to everybody or to nobody. so that political compromise that they struck might be the hook on which the demise of the statute hangs. stuart: don't you ever get sick and tired of the will of the people expressed freely in two contentious elections, being overridden by a-- i believe an unelected judge. >> yes. stuart: who comes from extreme left. >> and nothing wrong with a judge not being elected, but i agree it's not an issue of constitutional law, it's an issue of politics and the assessment of state resources. this is clearly a political issue. >> i blame you, judge. >> can the attorney general enforce this after it's been declared unconstitutional as he said this morning, he wants to? that's an easy one. no. when a statute has been declared unconstitutional, the government is without the ability to enforce it. >> simply got to go back to court, get it appealed.
>> yes. >> a redecision. >> that's the bad news. the good news, this is not a statute enforced every day. it's enforced when they're negotiating. >> you need magna carta and ladies and gentlemen, i did not say that. dy not say that. >> and prince harry and-- >> and remember, we want to hear from you, and e-mails on judicial activism, and not magna carta. there's a constitution and judicial activism and the intrusion of politics into our body judicial. thanks, judge. >> a pleasure. stuart: seven early movers, m monday morning, how are they doing? at the moment have we got that stock, fedex at 90 barely and change. phantom pigs strike back. zynga countered a copy right lawsuit of electronics arts with its own lawsuit. here we go again, courts. zynga down 66% this year, up a
penny today. and here is electronics art down 30% this year, down 12 cents today. and the retailer, bed bath & beyond doing great business for those kids going back to college by the way. i saw the bags when i took our youngster. 23% so far this year, right now down 37 cents. morgan stanley upgrades electric car maker tesla motors. and rejecting a push to sell general motors entire stake in the bailed out auto maker, $23 a share on gm. here is the big story, record breaking iphone 5 demand sent apple stocks to 699 earlier today. and right now, we're at 697.27. we're going to sound the trumpets if we get to 700. if the economy dragging and
middle east in turmoil you'd think that romney would be ahead. and whether the reporters are deliberately swaying the election. please, listen to this. >> we're talking about no matter-- >> and covered on the question that-- >> stand by your statement? [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time.
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manufacturing in the new york area, showed a big drop, a minus 10 reading. not good. check the price of oil, 99.29, close to that $100 a barrel mark again. let's get back to the election, you can make the case that mitt romney should be ahead in the the polls, after all, the economy is dragging and america is under attack in the mideast. according to some polls, most of them. romney is behind. perhaps because the mainstream media seems to be ganging up on the governor. do you remember this. >> we're just talking about who he calls on we're covered on one question that-- >> stand by your statement-- >> media research center president, a favorite guest is back with us and joins us from washington. i don't think i've ever seen a clearer example of the establishment media ganging up and figuring out how to get the republican, have you? >> no, no. look, we know that it's not
uncommon for reporters to get together before a press conference, when they're thinking, we have limited time, we want to ask a question, we want to make sure na he answers the question. so, that's not the problem. the problem that this was a planned ambush of president obama, how do we know that? not only is there that tape footage which you showed, but then they asked the question and he responded, they reasked the question, he responded. they reasked the question, he responded. they reasked the question, he responded. they reasked the question, he responded. they reasked the question. he responded and on the 7th question they asked something else. this was ambush. stuart: okay. now, turn it around for a second. why didn't mitt romney in that appearance and subsequent appearance, come back at them and say, look what you're doing. i'm not going to stand for this. why doesn't he take a harsher approach, go after the media? other politicians in the past have achieved a level of success by going after the media.
and the bush, sr., i recall, went after dan rather and beat him. >> look, you're absolutely right. and that's a good memory on your part, with over iran-contra and they had the massive tussle and bush went up in the polls and look the at newt gingrich in south carolina, when he went after the press he catapulted to number one. the public is waiting for this. the public is waiting for mitt romney to say i've had enough of you folks. you know, mitt romney did a press conference as i said, responded to six questions and president obama made a statement attacking mitt romney and they walked away from the audience, never answered a question and they didn't call him out on that, but mitt romney needs to be calling the media out on this kind of stuff. look the number that should shock you. last week, stuart, you had nine minutes and 28 seconds devoted on wednesday night to analyzing mitt romney's controversial statement, which by the way was as controversial as a statement about the olympics, in great
britain. it's a nothing issue. and at the same time, the obama doctrine is collapsing in the muslim world, it's on fire with protests against the united states, with americans dying, do you know how much time they gave to that. stuart: tell me. >> 25 seconds. stuart: that's it? >> that's it for the networks on discussion of the obama doctrine. stuart: okay. always a pleasure, we thank you very much again for appearing with us today. >> thanks, my pleasure. stuart: it's 9:50 precisely and this time every day we bring you the price of gold and new graphics to display the price of gold this morning, much clearer, i think. 1773 is your number as of now. and the occupy movement turns one year old today and they are celebrating with a day of protests. they're up and at em. sandra smith and david asman are always up and ready to go and early. they join us in a moment. now listen to the beatles, please, the greatest band ever.
wall and block traders from getting to the stock exchange. and nicole is listening to this and she will chime in in a second and first of all, your thoughts, sandra smith? >> as you've seen the video all morning and once again appear to be unorganized and violent and dozens of arrests and the same old thing and they weren't able to get fully organized and stay organized for long. this is going to be a one day thing. >> can we dismiss it and no impact on the election. >> and mobs, so-called vanguard, the social words that nicaragua did. what's extraordinary that our president was thinking of actually using, was flirting with the the idea of using them as sort of the vanguard for his political-- this group of thugs, this mob. remember andrew breitbart before he died, the outtake when he got furious at them. he was reacting to a placard
which said my heroes have always killed cops. my heroes have always killed cops and that's more representative than the-- >> and nicole, you're on the floor of the exchange, no impact on you, i take it. >> no, i mean i have to say there was a lot of caution, a lot of folks came in early today. the gates are extended well beyond normal perimeters around the new york stock exchange, and police are outside in full force, paddy wagons, broadway was blocked off totally and a lot of folks from subway were greeted by the police officers and i came not in this outfit. i came in sweats and crocs. stuart: glad we heard that. >> and instead of dressing up, we dressed down. stuart: the top of the hour we a going to get right back to the top story, which is the white house, saying again, the violence against the u.s. in the middle east is all because of a movie. and what does the security analyst kt mcfarland say about that?
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america," and in pakistan, one protester was killed after attacking a government office in the northwestern region of the country. sudanese officials denied the request to send in marines to the region. last week's attack that killed the ambassador was said to be a coordinated pre-meditated attack, but the obama administration maintains it was a spoon tape yows incident sparked by an anti-islam film. we have every angle covered. sandra smith is with us, and david asman returns, annie coal is on the -- nicole is on the floor of the new york stock exchange. nicole, i want to know about apple. we have the number, 2 million iphone5's preordered.
has the stock his 7 00? >> it has not, it was 699.04. a big day for apple. the sales are taking off, thee most popular phone yet for apple surpassing prior orders. >> that 699, i believe that is the 41st high for apple this calendar year. in other words, the thing's gone straight up. 41 i think is the number. >> if you're a shareholder, you cheered 41 times. >> i'm a microsoft shareholder. there you go. go go nowhere monday on the stock market, however, back to the middle east. the obama administration maintains the attack was spontaneous even after libya's president said it was a coordinated attack. fox news national security analyst is here. obvious question, administration
has twice said it's just the movie. that's it. what do you make? it's like a home video with guys with glued on beards and dish towels op their head. it's not just the movie, and it's not spontaneous, but well-organized, planned attacks to coordinate with september 11th, the first anniversary after the death of bin laden. why is the administration doing it? they want to put the blame someplace else because i think they know their policies in the entire middle east region from the atlantic ocean to pakistan are going to go up in flames. >> you believe policy posture for this? >> absolutely. look at the ash spring uprisings 18 months ago. they didn't start as islamist organizations, but hijacked by them. egypt, anti-american, a civil war, 20,000 people killed, men, women, and children, take it
further, israel. our strongest ally in the region, strongest ally in the region, and they are now con temperature -- contemplating military action. this goes on and on. >> so the events continues on and on? does it get worse? >> yes. the people whooping up the region to be anti-american, there's a lot of americans in the region, not just diplomats or military. >> are they in danger? >> we have students, business people, and i think they are all in danger. >> hold on for one second. a fox news war stories host, colonel oliver north, joining us now from dc. colonel, i want to talk about protecting americans clearly exposed in the middle east. we have sudan blocking u.s. marines, can't get to the embassy to protect it. sedan won't have it. can we protect our people and our citizens and our diplomats in the middle east at this moment?
if so, how will we do it? >> the way things are right now, it is further to what kt just talkedded about is this administration has brought this about by a number of things. number of one, the complete lack of human intelligence. we got great signals intelligence, but the idea that a kill list is going to stop this is lunacy. the idea this was presip -- precipitated by a movie is lunacy. here's the lead, a look at the protests and reactions across the middle east and monday elsewhere over a film produced in the u.s. criticizing the prophet muahammed. it ignores the fact there's a temperature for abandoning our allies like israel, like what we did withdrawing on the strategic missile defense ideas, and of
the idea of a deadline takes a new meaning. they know there's a limited time to do it thus the green on blue and suicide attacks this weekend. >> your analysis is this is how we got here. what's your analysis how to we protect americans exposed? i mean, can we? >> well, you remember, this is carter on steroids. how did we fix the problem carter started? change the white house. elected a commander in chief -- >> do you think it makes that much different if there was a different president who took a much stronger, firmer, and harsher response to what's going on there? you think it makes a difference, do you, sir? >> look at -- what we need is a commander-in-chief standing up saying i will never bow to a foreign or apologize for the blood and treasure america's
sacrificed to offer others the hope of freedom or never abandon our allies like israel and never beg russia or anyone else for flex flexibility, and i'll give you promise peace through strength. that's what we need from romney. >> the president of the united states should go to the leaders of the countries saying american's lives are at stake, and you are responsible for it. by the way, if it's a youtube video setting off flames in the middle east, what happens when the administration's sponsored bin laden movie is out this fall? >> what's that? >> a hollywood movie this fall about the killing of bin laden, and the administration cooperated with the hollywood directors -- >> directed by the woman who did the "hurt locker" -- >> okay. >> can you imagine the reaction in the muslim world about the killing of bin laden showing
american servicemen pulling the trigger? >> when you take the power of crime away from the criminals, and in this case, the criminals are terrorists, and they are well-organized terrorists, and according to the officials, they were organized before this film was circulated. >> colonel north, the last word. >> human intelligence with the idea you can somehow end this. the demise of bin laden did not end the jihad, news flash frustrate white house. >> all, thank you very much. let me segue to david and sandra. it's a financial program, here discussing a true flair up of american interests under attack overseas. i don't think that at this point there is that much financial fallout from what's happening in the middle east. >> remember, we still have a certain amount of authority because we give money to the countries, and there is nothing wrong with giving money conditionally. it is taxpayers' money.
it is our money. nothing wrong with saying, look, we'll give you the money, the $2 billion as long as you do this, this, and that, and if you don't, you don't get the money. >> financial impact is the markets loathes uncertainty. there's uncertainty geopolitically, and looking one spot in the financial markets, that's the price of oil. oil's the highest prices in months, just below $100. that's partly ben bernanke, but also the middle east countries want oil at $150 rather than $99. >> the suez canal between egypt where a lot of trades go from europe to asia and south asia. if the suez cam falls into the hands of terrorist groups, that's trouble. >> focusing too much on the strait of hormuz? >> focus on both. hormuz is the fight with iran. look at the sue canal. >> you say watch out because it is not over. >> it's not over. >> it probably gets worse, and at that point, our financial
interests are more directly affected than they are now? that's what you are saying? >> particularly the suez canal. one explosion there takes it out. >> thank you, everyone. the crisis in the middle east has not had a major impact on gas prices. that's my opinion. have they topped out? have gas prices topped out over $4 a gallon? our gas body joins us at 10:45 on the downtown. we have a winner and loser. i want to start with winners. chipolte, what's going on? >> up 4% today, and one of the recent stories covering and analyst upgrades is they are working hard on being efficient and speeding up lines in the peak hours. that's a winner for you. >> you know, chipolte i associate with mexican food, and the trumpet sounded, i thought that was a band back there. was the trumpet voluntary like
at a race racetrack. we have a loser, netflix. >> are we supposed to sound trumpets on losers? i don't know. under pressure, just this quarter alone, it's down 16% quarter-to-date. you can see it continues to be under pressure facing intense competition with the model, and today is no different, down 5%. >> we sound the trumpets when there's a stock alert. perhaps netflix was not a stock alert. >> maybe the trumpet person fell asleep. >> you press a button, i believe that's what happens. dow is down 21. we brought you the story first on varney and company, a police union trying to set up the intrerm mayor for drunk driving. they don't agree with it saying they didn't do it. now the "l.a. times" finally covers it. here's a quote from the paper
describing the law firm representing the coasta mesa police. "representing many police union has a representation for aggressive attacks against city halls. one critic described its tactic as litigation terrorism." we always bring you the stories first, and here's what the mayor told us two weeks ago. >> one of the final things on the playbook to tell you what to do as a police officer or union representative to go ahead and get what you want. focus on the individual, avoid spreading energy, focus on a city manager, a council person, mayor, or police chief, and keep the pressure on until the person assures loyalty, and then move on to the next victim. >> sounds like dirty tricks to me. to summarize, the mayor was accused of drunk driving by someone working for a law firm that represented the police union. he was not drunk.
he had a couple cokes. dirty tricks. >> he produced a receipt, two diet cokes, and it was an investigator working for the law firm employed by the police union that made the call saying he was swerving and drunk. that said, the website that the law firm actually had was advertising itself as former cops defending current ones and had actual tactics on the website like work slow down, asking for backup units on most calls, the blue flu, all calling in sick, ect., that's a disaster what was happening there. >> it's a pr disaster for the municipal unions in southern california. >> whenever you have public sector unions, you have trouble. that's why fdr and jfk were against it. public sector and unionization did not go together. that's what we are seeing in chicago. >> latest tracking poll with a slight edge to mitt romney, but with everything going on with our economy and the middle east, shouldn't romney be way ahead?
the nypd says arrests have been made, but the exact number is not immediately available. we believe there are hundreds of people there. apple with another blockbuster selling 2 million iphone5's in the first hours it was available on preorder, double the record of the previous month. good buzz for apple. the stock is 697.59, a record high, 41 times this year. what a stock. the latest read on the economy shows more signs of a slow down. the federal reserve says manufacturing activity in the new york region slowed to the lowest levels since april 2009. with the slowing recovery, why suspect mitt romney ahead? good question. doug shone answers it next.
>> according to the latest tracking poll 40 minutes ago, mitt romney leads president obama 47-45. here's the question. with the poor economy, trouble in the middle east, why isn't governor romney way out front? why do many other polls show president obama out front two or three points? former clinton adviser, doug shone is here for perspective. that's a question i hear all the time, especially this first thing this monday morning. any ideas? >> yeah, i think governor romney has yet to outline a coheerpt and consistent set of policies what he would do different, how he'd change america. he outlined prince. s, not enough to change dynamic
opinions >> is he a good candidate? >> he's been negative, and you don't beat a president only with negative ads. >> do you think his campaign staff are as good as they should be? >> well, as somebody who legislated and re-elected a president, i can tell you to have one person stuart stevens, the speech writer, ad manager, and chief straes gist, we had three or four people in those roles. he's not being well-served. >> did mitt romney make a mistake when he was out front very quickly with the disturbances in the middle east? >> he was a victim of the mainstream media, piling on him, but i think he should have waited for the president to speak to a considered the facts and the time line, and then overred the critique. >> he was responding not to the response in the middle east, but the neoapology issued by the cairo imbaa sue about this so-called video. >> with him having come out
wednesday at 10:10, the president at 10:35, for him to the so have waited to take the president's remarks into consideration, it was too much, too soon. the mainstream media piled on the dynamic of the story changed. >> he's never going to have the mainstream media on his side. >> which is why he was to be cautious in what we says. >> how much weight to you give to the media being anti-romney. i think that's extremely important in these polls and public opinion. >> i think the media is appty-romney, but i believe romney has done himself no favors. there's another big dynamics to it. with unrest in the middle east, continuing, and indeed around the world, the dynamic of an administration that's failed, didn't protect its embassies on 9/11, it's a huge opportunity that will continue to present itself. >> you've been a presidential adviser. >> i have. >> there in the oval office. >> i was. >> you engineered the
re-election in many ways. >> i did. >> you going to take credit for that? >> i will. >> my wife says there's no victims, just volunteer. >> i was not a volunteer. >> this is a ceo involved in billion dollar deals. i'm told it's not his staff making key decisions, but romney himself. do you agree or not? >> from what i've understood, that's mostly correct. there's stewart stevens i believe -- >> i was told that romney makes the split decisions which would have included his statements in what happened in the middle east. >> as someone who was there in the oval office, if you're a key adviser, you have a moral obligation to say to the candidate, the president, mr. president, mr. candidate, you're wrong. you got to do it differently. >> how many people have the you know what to do that? >> president's company does. >> don't boast -- >> it's not boasting. you have to be able to do it. if you don't, you let the candidate down. >> you're sitting in the
campaign headquarters now with mitt romney. i'm mitt romney, you're doug. what do i do? >> governor romney know, we need specifics on what to do and how you are going to do it. bypass the national media, go to the people with specificity -- >> what kind of specifics? lower taxes? >> how we lower taxes and grow the economy. key words, future, leadership, growth, and, date, -- david, most of all, optimism. >> and not china, the bank shot, i mean, be specific. president obama did this to the economy, is the economy better or worse because of it? don't focus on china. >> here's what i'm going to do to make it better. in an optimistic-forward looking way. >> mid-september, 1980, jimmy carter, five points ahead of reagan. reagan won six weeks later by ten points. >> that's right. the hostage crisis was looming and the crisis in the middle east could be the same. bottom line in the first and
only debate between carter and reagan, there was a clear sense of who reagan was and what he was going to do. >> october 3 #rd, first debate; right? >> that is the key opportunity. >> doug, still a democrat, but thanks for joining us for advice for a republican. >> fair and balanced advice. >> yeah, yeah, yeah. rahm suing teachers in new york to get them back to work. what deal does the city need to turn the finances around in can they do that. the authority on municipal debt is next.
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and the mailman picks it up. i don't leave the shop anymore. [ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >> at the same time e obama doctrine is collapsing in the muslim world, it's op fire with protests against the united states with americans dying. dupe how much time they gave to that? >> tell me. >> 25 segs. >> that was brent in the last hour fired up about the media ganging up on mitt romney and don't forget to tune in, we start sharp at 9:20 eastern. the big board, monday morning, this is, dare i say, a go nowhere day. it is thus far down 11 # points. 13582 is where we are. price of gold unchanged, and as for the price of oil, we were creeping close to $100 a
baseball. yep, $99.44 at this moment. higher gas prices over the weekend as a national average for regular moved up to $3.86, and diesel up more to $4.12. all right, nicole, the shares up big, and i want to know why. sound the trumpets. >> that's right, talking about the analysts, morgan stanley graduated to an under weight, and the new price target. up 4.6% at $31.79 a share. the price target now is $50 # up from $45. there's an upside potential there. the risk-reward is better than the other auto companies they cover, and last, but not least, the delivery delays we've seen in the expectations changing, and so, they see a good jot look for this one. >> all right, we'll take it. >> they make electric cars. >> when a stock goes up, we get the trumpets, when a stock goes
down, there are no trumpets. >> everybody should write in and figure out. >> we'll figure it out. nicole, thank you. chicago teacher strike entered the second week although there's a deal on the tail. taking drastic measures to get the kids back in the classrooms filing injunction, go back to work, you teachers, but the union is still mulling over the deal. steve, you are the foremost authority on municipal finance. i ask you, how on earth can chicago get its municipal finances back in any kind of order when the teachers are still on strike, when they've got a huge pay raise given to them on the table? go. >> tax increases, tax increases, tax increases. >> they can't raise taxes anymore in chicago. >> that seems to be the deal. they had a deficit, a structural deficit meaning all the
automatic increases already coming before this in pay, in health benefits, and pensions, already, go this way when their revenues are here in the bottom. they already have what's known as a structural deficit. i have no idea how they are getting a pay raise at this particular point, no idea how they are not attacking the pension problem. one of the ways they solve the budget problem is they don't have enough money to pay the costs so they are not paying for the pensions. >> if they get this -- >> it's worse, absolutely. >> gets worse. what's to stop other unions in other very troubled cities and states across the country saying, hey, they got that, i want it too. >> because, first of all, they are not as radicalized because they are, in most other places -- this is a union, understand, radicalized in two years by an activist faction -- a union that went to the national convention and tried to
urge other locals to go on strike against school reforms. it's a radicalized union. they said capitalism is destroying america's public schools. that's what the union is. >> you don't think other unions in the country fall suit? >> possible for a few, but in general, when you look at the budget situation in a place like chicago, other unions in similar situations have, in fact, been around the country negotiating. >> try this on for size. they get a pay that they bust the bank here, and president obama steps in because the mayor and former chief of staff to president obama, steps in and says, well, we need aid to the states otherwise known as a bailout but aid money flowing from the feds. >> do you expect that to happen in the next two months during the election season? stuart: no, if he gets reelection, he will get it. >> that's a different story. i think if he wins reelection, there will be a fundamental
battle in washington over some way to cure what for instance even the volcker commission recently said is a long-term problem that the states have because for years they've been building up programs, building up pension problems which this kind of fiscal recession that we have, they don't have the revenues to pay for the projected costs years out. for the next ten years they don't have the revenues stuart: you think if president obama is re-elected, bailouts will happen? >> well, the republicans may try to stop it certainly, don't you think? i mean he doesn't control all three branches of government. stuart: by executive authority he can move the money around very easily, you can take it from here and give it to there. >> not quite as easy as you are suggesting. however there have been some back door bail outs but i think fundamental no it would have to be legislatively done to be as big as you are suggesting. stuart: you know what you are talking about. i often don't. >> i often don't either. stuart: thank you very much, steve. one of the main themes of
this election year is clearly taxes. what would be a fair share for you or i or anybody else to actually pay. grover norquist, one of the leading people in washington, all things taxes, he's going to join us. what does he think is a fair share? we will ask him. >> you're a very powerful guy in the realm of taxation in washington, people are very much afraid of you, as a matter of fact. and yet --. when i found out my irregular heartbeat put me at 5 timesgreater risk o, my first thoughts were about my wife, and my family. i have the most commonype of atrial fibrillation, or afib. it's not caused by a heart valve problem. i was taking warfarin, but my doctor put me on pradaxa instead to reduce my risk of stroke. in a clinical trial, praxa® (dabigatran etexilate mesylate)
reduced stroke risk 35% better than warfarin. and unlike warfarin, with pradaxa, there's no need for regular blood tests. that's really important to me. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have a bleeding condition like stomach ulcers, or take aspirin, nsaids, or blood thinners, or if you have kidney problems, especially if you take certain medicines. tell your doctor about all medicines you take, any planned medical or dental procedures, and don't stop taking pradaxa without your doctor's approval, as stopping may increase your stroke risk. other side effects inclu indigestion, stomach pain, upset, or burning. pradaxa is progress. having afib not caused by a heart valve problem increases yourrisk of stroke. ask your doctor if you can reduce your risk with pradaxa.
stuart: i want to get to the oil market because the price is very close to $100 a barrel, 99.29 to be precise. joining the company from chicago is our next guest. we have had some discussion on the show this morning about that $100 figure. my colleague is a former oil trader, sandra smith, suggests that much of this gain towards 100 bucks is the result of ben bernanke printing up a storm and not that much to do with the violence in the middle east. what say you, dan? >> you know, i will agree with her to an extent. there has been some because of qe 3. but the reality is there's a lot of unrest in the middle east right now and that's causing problems. you still have the israel iran thing and i think that's just something in the background.
the most recent example of qe 3 has pushed it quite a bit. if you look at supply demand, it certainly doesn't belong at these levels, i would say more along $85. there's a lot going on with the qe, with the middle east unrest, that it is going to bid up. stuart: that's likely to keep going, isn't it? i don't see the mideast thing calming down. i don't see the iran israel thing going away short of an outright attack in the immediate future, and i don't see the printing of money going away for a long long time to come. stuart: are you telling us the price of oil stays in the high $90 range or higher? >> i think it does. unless we see some change out of the middle east, and that doesn't look like that's forthcoming either. qe is done. that's overwith. we know it is there and it will be there for a long time. we are going to need see some drastic change. if there could be any agreement to get israel away from attacking iran or the possibility of it, then maybe that would bring it down a bit. but you have so many other things that have come out now, that this market is going to be
good for a while, and it is not going to be good for the economy. you have the average price of gas is $3.80, we're paying $4.44 near me. it is out of control. stuart: did you say 4.44? >> yes, i did. stuart: that's for regular? >> this is regular on -- i live in the southwest suburbs. you can get it for $4.39, $4.37 at some of the other stations but it is not going down. stuart: ouch. i didn't know it was that high. >> yeah. stuart: whoa, that hurts, dan. >> most certainly does. stuart: good stuff indeed. thank you very much, dan. we do appreciate you being with us. >> my pleasure. stuart: i don't want to discount what you were saying earlier -- sandra: he said exactly what i said. a lot of this is ben bernanke. the fed policies have devalued the u.s. dollar. the more we devalue the u.s. dollar, the higher all those costs to the consumer go up every day, including energy. david: isn't that ben bernanke's job to maintain the value of the dollar? stuart: stop it, david. david: too involved the details,
i'm sorry. stuart: if you are not careful, you will get the trumpets. the top federal tax rate on federal income of course is 35%. president obama says that's not enough. the rich are not paying their fair share. listen to this. >> fair share, fair shot, their fair share, fair share in taxes. stuart: we put them all together. here is the question, what exactly is a fair share when it comes to paying federal income taxs? let's bring in grover norquist from americans for tax reform, he's in d.c., he's mr. tax, not mr. tax man, but he's mr. tax. it's 35% now. the president wants it to go higher. if grover norquist had your way, what would be a fair tax rate, the top tax rate on federal income? >> well, let's remember there is a bipartisan agreement, the 28% was a reasonable top rate, back
when the democrats voted along with republicans for reagan's tax reform. so we are a long way past what was considered reasonable when reagan was president. we had both bush 41 and then clinton and now obama, each one trying to push up the top marginal tax rate. going to 25%, as ryan and romney have talked about, only gets us back to reagan levels, and i think that's too high, but that's not a bad place to start. stuart: you know, i said on this program that i would be prepared to pay, that i -- because there's a moral thing here. is it moral for a government to take a third of your income or half your income? and i say no it's not. but i said i would draw the line at one third. you could get me to one third of the top tax rate, 33%, at the top tax rate, i would be satisfied with that, but that's not good enough for you.
you want to go way down to a quarter or less. again, given -- >> you would have been a happy peasant during the middle ages pause it was about 25% there -- because it was about 25% there. you're willing to pay more than they had to pay in middle ages. 25%. >> was it 25% really? >> yes. stuart: would you go to 20%, 15, where would you go? >> start by going to 25 and moving there. and then i think we need to take it down. there are several benchmarks you look at. the american people believe -- 75% of americans argue no one should pay 25% of their income in all taxes, that includes state and local tabss as well. -- taxes as well. the american sense of fairness has most americans arguing for something significantly less than 25%. stuart: grover, what about consumption taxes because that hits everybody regardless of your income at the same rate? are you in favor of that kind of flat tax on consumption?
>> well, we can take the income tax and make it a consumption tax by expanding iras and 401(k)s, so you don't need a new tax to eliminate the double and triple and quadruple taxation we have on savings and investment in america. but let's keep an eye on where obama and the democrats want to go. all this talk about taxing the rich is nonsense. the buffett tax raises 47 billion dollars over ten years. at a time when obama is planning on spending -- getting 11 trillion in new debt. okay? so he's going to fund 1/2 of 1% of his new debt by taxing rich people. the rest is coming out of everybody in america. how? a value-added tax or an energy tax. an energy tax a carbon tax, is a value-added tax on training wheels. it will immediately go to an across the board tax on
consumption and when we have a vat, we are irrevocably on the path to europe. stuart: you saved the best to last. you've got to put it right up front, grover. you know these things. you have to do it right. grover norquist, it is always a a pleasure. thanks for joining us sir. >> thank you. stuart: frightening stuff but it is good to hear it. thank you. david: how are raising tax rates are going to create jobs? if they could answer that question, i'd be willing to go a little bit further, but nobody has answered that question. stuart: fascinating stuff. blue states paying more than $4 a gallon at the pump. red states paying below $4. that's a general rule and it is true right now. why is that? we're going to ask the gas buddy next. >> is it not true that i personally have made you a fortune by appearing on this program regularly, have i not? >> i don't have the numbers in front of me, stuart, but i am wearing a new suit this morning. stuart: yeah, yeah, yeah. [ male announcer ] let's say you need to take care of legal matters.
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that for taxpayers fair share. gm executives say they are tired of being called government motors. they want unrestricted use of the company's -- [inaudible]. check the share price of gm, please. 23.88. you have to get it to 53 to break even for the taxpayer. back in 90 seconds. you guys said tacos. [ female announcer ] it doesn't always work out that way. you know what? we're spending too much money on eating out anyway. honey, come look at this. [ female announcer ] my money map from wells fargo is a free online tool that helps you track your spending. so instead of having to deal with a tight budget, you could have a tighter family. ♪ wells fargo. together we'll go far.
prices. $4 and above in traditionally blue states. that would be california, connecticut, new york, illinois. big population states, $4 plus. but looking at the red states, texas south carolina mississippi arkansas tennessee they are all down around 3.60, 3.70, is there a correlation. joining us now is the gas buddy himself from gasbuddy.com. all right, patrick, is there any relationship between the politics of these states, paying $4 and above for the blue states and the politics of red states, paying a lot less than $4? anything? >> well, you know, yeah, i think you are going to like what i say, but there's an obvious connection here between what's going on in these states. the higher the gas tax, the higher the gas price, and draw conclusions here, obviously in areas where higher gas taxes are, state spending is up, that's why gas prices are up in these states above $4 a gallon because their taxes are so high. stuart: we have a national
average now of about $3.86 almost $3.87, do you think this move is over? are we going to top out at around $3.90? what do you think? >> we just saw quantitative easing, that's going to be a big concern. prices today are at their highest level of any september date ever. so we're seeing pain at the pump, the worst it's ever been in september. it is not looking real good. like your earlier guest had mentioned, we got quantitative easing, we have the middle east to be concerned about. i would be in complete agreement with oil prices being lower and that would help gas prices be lower. be as that it may, there's a lot of fear, uncertainty around the economy. dollar taking a huge hit. oil prices closing in on 100 bucks. we may see relief, but it is going to be limited. stuart: while you have been talking, my colleague sandra smith -- i don't know why, she's been laughing there. sandra: patrick, i have to call you out on one thing. really? the red states are closer to the source.
they are closest to the gulf coast refineries of the united states. don't you think that's the reason for lower prices? stuart: don't misquote my gas buddy patrick. he was saying the level of taxation in those states -- sandra: in the blue states. stuart: which is always high -- go ahead. >> to throw something in here, canadian crude oil comes directly down to the chicago region and goes right through refinery northwest indiana that's pretty close to the source as well. stuart: there would be a lot more canadian oil if we built the pipeline, wouldn't there? sandra: yes. >> there would be, but it wouldn't necessarily be flowing to chicago, but the argument here all these areas in the south are close to proximity and close to the oil, well chicago has a direct connection to all the canadian oil and canada is our number one source of oil, and we have local refineries here, so why are prices are so high here? because it is because taxes are so high. -- it is because taxes are so high. stuart: excellent point. sandra: i had to state the obvious. stuart: we appreciate you being with with us.
>> thanks. stuart: my take on just how bad obama care is for some small businesses. i have a good example for you. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together
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hard and fast example. this is how obama care actually hurts employees and the small businesses which hire them. david bar, runs 23 kfc outlets, he currently pays about $120,000 for health insurance for his full time employees. when obama care is in full force, his insurance costs rise to $440,000. to avoid that huge cost increase, mr. bar will have to make many of his full-time employees part-timers, not good. or he could provide no insurance, pay a fine of 160,000 a year and push all his people on to taxpayer-funded medicaid. not good either. so here you have an example of a successful business being reined in and hurt financially by the administration's policies. by the way, mr. bar, had 40 employees in 98 and have grown his business to 400 by 2008.
he has not expanded since. he says regulations are the cause. now, just for a moment, think what happens if obama care and other stifling regulations are rolled back. there's a lot of pent-up energy in this economy and a lot of unused cash. 2 1/2 trillion dollars worth. liberate that, and you've got a massive private sector stimulus plan. that's what mr. bar and the rest of us are waiting for.
stuart: here it is, the monday morning highlight reel. roll it, please. it's all about the movie. that's why they are on the streets there. >> the idea that a list is going to stop this is lunacy. the idea this was precipitated by a movie is lunacy. stuart: the administration says the video did it. a libyan official says otherwise. >> by the way if it's this youtube video that set off flames throughout the middl